Asset management confirms shift towards more diversified allocations. In the first quarter of 2026, asset management consultants (AMCs) significantly increased the share of unit-linked products (UL) in life insurance policies, to the detriment of traditional euro funds.
According to the latest data published by Nortia, unit-linked policies accounted for 64% of gross inflows over the period, compared with 36% for euro funds. This is a significant level, reflecting a lasting change in savings behavior: investors are looking for greater potential performance, while relying on finer guidance in portfolio construction.
A more balanced allocation in the face of uncertainty
The beginning of 2026 was marked by a complex environment: persistent volatility, geopolitical tensions and reduced market visibility. Against this backdrop, asset managers seem to be opting for more balanced strategies, combining yield, diversification and risk control. The aim is no longer simply to pit prudence against performance, but to combine several value-creation drivers within a single allocation. This logic favors hybrid and multi-asset solutions, capable of cushioning shocks while retaining medium-term performance potential.
Structured products remain in the lead
Within unit-linked products, structured products maintain their dominant position. In the first quarter, they accounted for some 30% of investment flows into this segment. Their appeal lies in their ability to offer legible return scenarios in uncertain markets, with mechanisms for partial capital protection depending on the structures chosen. Sectoral themes such as defense, banking stocks and commodities also underpinned their dynamism.
Alternative investment continues to grow
Another striking trend of the quarter was the rise of alternative strategies. Now the second-largest investment pocket within unit-linked funds, they are attracting more and more investors looking for solutions less correlated with traditional markets. Against a backdrop of heightened volatility, these approaches are emerging as a complementary diversification lever, capable of providing resilience and differentiated sources of performance.
Real estate: still a limited presence
On the other hand, real estate is still under-represented in unit-linked allocations. Despite the first signs of improvement in the market and monetary easing by the European Central Bank, their weight remains marginal. For this asset class, investors seem to continue to prefer investments held directly or via other specialized vehicles, rather than within life insurance.
Structural change in wealth portfolios
More broadly, the quarter's figures illustrate the gradual transformation of wealth savings in France. Life insurance remains a core asset, but its use is evolving: it is increasingly becoming a sophisticated allocation tool, integrating several asset classes and a reinforced diversification logic.
For independent asset managers, this trend also confirms the growing value of advisory services. In a more demanding environment, the ability to build robust, readable portfolios tailored to clients' objectives is becoming an essential differentiating factor.
We look forward to seeing you at our next Hubfinance events, where we'll be continuing our discussions and working together to decipher the major trends transforming wealth management.
This article has been automatically translated using Breeze, powered by DeepL.